A 5,800% renewables stock boom has some D-Street investors worried
SG Mart Ltd., a Gujarat-based solar and wind energy producer, has soared over 5,800% since November 2021 — when Prime Minister Narendra Modi announced that India aimed to boost clean energy to more than two-thirds of overall capacity. Gensol Engineering Ltd. has rallied more than 3,200%, Zodiac Energy Ltd. 1,000% and Waaree renewable Technologies Ltd. 1,800% in that same period. Key Points
Economic TimesSG Mart Ltd: A 5,800% renewables stock boom has some Indian investors worried
India Business News: India’s renewable energy stocks have enjoyed a scorching rally for the past two years as retail buyers pile in, but their extended valuations are flashing warning signs. SG Mart Ltd, a Gujarat-based solar and wind energy producer, has soared over 5,800% since November 2021. The skyrocketing share prices of these small stocks are now facing a reality check, as surging production capacity weighed on prices and earnings are struggling to keep up with the pace of gains. The biggest stock winners in India’s renewable sector are now all facing the challenge from minuscule earnings, which has sent valuations through the roof. Institutional investors have largely stayed away from some of the big winners in the sector, citing untenable valuations and low free floats. Key Points
Times Of Indiarenewable energy boom stares at talent blackout
The scale of the opportunity is something that is very exciting ... but there is a lack of talent and it is one of the challenges, said Sumant Sinha, chairman and chief executive of ReNew. In the next seven years, India will have to add 60 GW of renewable energy capacity every year to meet its aspirations across power and green hydrogen, and trained manpower is needed for this, he added. Key Points
Economic TimesBengaluru airport ties up with CleanMax for solar-wind energy
Bangalore International airport has signed a 25-year long-term power purchase agreement with renewable energy company, Clean Max Enviro Energy Solutions (CleanMax) for the generation and supply of renewable energy from a 45.9 MW Solar-wind Captive Power Project. Key Points
Times Of IndiaUniform tariff for renewable energy on the anvil
The Indian government is working on finalizing procedures to pool tariffs of renewable energy capacities, aiming to make electricity tariffs uniform for power distribution companies. This plan involves creating separate pools for different types of renewable energy projects, such as solar, wind, and hybrid, based on their technologies. The weighted average of tariffs from these pools will be determined and could be revised monthly. Key Points
Economic Times
Sterling and Wilson renewable Energy bags orders worth Rs 826 crore
The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. The company said the new projects will create hundreds of construction jobs, thus benefiting the local community. Key Points
Business TodayIREDA shares hit all-time high, triple wealth of IPO investors
IREDA shares were up 15.41 per cent at Rs 98.10 at around 11:10 am, which is over 206 per cent higher than its IPO price band of Rs 32. Key Points
India TodayElectrifying Show! This sector outshines in December as 16 stocks give double-digit returns
The S&P BSE Utilities index rallied 20% and hit a fresh lifetime high of 4825.36 points during the month, whereas S&P BSE Power index surged more than 18% and scaled a fresh lifetime high of 5869.23 points. Key Points
Economic TimesIndiGrid to acquire Virescent renewable Energy Trust for up to Rs 4,000 cr
Infrastructure investment trust IndiGrid has signed a share purchase agreement for the acquisition of Virescent renewable Energy Trust (VRET) at an enterprise value of up to INR40bn ($533m) in cash. IndiGrid executed the agreement to acquire 100% of the units of VRET from the unitholders of VRET in May 2023. The Virescent portfolio includes 16 operating solar projects with an asset under management of INR41.21bn as of the end of March. Key Points
Economic TimesRP Sanjiv Goenka Group to explore NE states for renewable energy project
Kolkata, Feb 20 (PTI) The RP Sanjiv Goenka Group, with revenue exceeding USD 4 billion, has expressed interest in exploring investment opportunities in the Northeast, including renewable energy. The group officials had a preliminary one-on-one meeting with the Minister of State for Development of North Eastern Region (DoNER), B L Verma. He was in Kolkata […] Key Points
ThePrint
Change in renewable energy mix gives rooftop solar projects steam
Discoms have been apprehensive of signing power purchase agreements for rooftop solar projects and installing the required net metering systems fearing loss of revenue from their high-paying consumers, financial viability of such projects and problems in sourcing finance. The implementation of green open access rules has also shifted the market attention, leading to state power regulators prioritising it over rooftop solar approvals, according to industry experts. Key Points
Economic TimesAdani to invest Rs 2.3 lakh cr in renewable energy, manufacturing capacity
Khavda/Ahmedabad (Gujarat), Apr 7 (PTI) Adani Group will invest about Rs 2.3 lakh crore through 2030 in India’s most ambitious renewable energy expansion and solar and wind manufacturing capacity addition ever as it shrugs off a short-seller attack to pursue its trademark rapid growth plans. Adani Green Energy Ltd, India’s largest renewable energy company, will […] Key Points
ThePrintNiti Aayog to estimate gap between states' renewable capacity, future needs
The Niti Aayog is conducting an analysis to estimate the potential gap between states' renewable energy capacities and their future electricity needs under existing purchase obligations. This initiative aims to assist states in planning their power resources effectively. The assessment considers states' capabilities in solar, wind, and hydro energy, projecting their ability to meet renewable purchase obligations independently or rely on other states. Key Points
Economic TimesIndia's Waaree Energies raises about $121 mln funding
India's Waaree Energies on Monday said it has raised about 10 billion rupees ($120.88 million) in a second round of funding led by Mumbai-based investment firm ValueQuest, which will be used by the solar panel manufacturer to expand capacity by 6 gigawatts (GW). Key Points
ReutersIndia to be a developed nation, modernising infra at rapid pace, says R K Singh
Union Minister R K Singh on Friday said India is poised to become a developed nation, as the country is modernising its infrastructure at a rapid pace. Addressing a press conference Singh said, Now we are transforming ourselves into a developed country. We will be a developed country. Key Points
Economic Times
KKR’s IndiGrid acquires Virescent for ₹4,000 cr
India Grid Trust, backed by KKR & Co., will acquire all units of KKR-sponsored Virescent renewable Energy Trust (VRET) for an enterprise value of INR4,000 crore ($544m). VRET is India's first renewable infrastructure investment trust (InvIT). The acquisition includes the investment manager and project manager. KKR had previously planned to sell its 77% stake in VRET with JP Morgan running the sale process. The transaction is subject to requisite regulatory and unitholder approvals. Key Points
mintIREDA shares hit 20% upper circuit. Is there further upside?
As the IREDA's shares continue to impress on Dalal Street, investors are now wondering whether the company has more to offer. Here's what analysts said. Key Points
India TodayAdani Group secures second global rank among large-scale solar PV developers
Ahmedabad (Gujarat) [India], December 9(ANI): Chairman of Adani Group, Gautam Adani, expressed elation as Mercom Capital’s recent rankings positioned the conglomerate as the second-largest global player among large-scale solar PV developers. The recognition signifies Adani Group’s steadfast commitment as one of the fastest-growing contributors to renewable energy on a global scale. Show Full Article This […] Key Points
ThePrintAdani Green seals its largest project financing of $1.36 billion
Adani Green Energy announced securing a $1.36 billion senior debt facility, its largest project financing yet under the Construction Financing Framework. This enhances the total funding to $3 billion since March 2021. The funding, backed by a consortium of international banks, supports AGEL's pivotal renewable Energy Park development in Gujarat's Khavda, emphasizing its strategic significance. Key Points
Economic TimesSJVN concludes 1st e-reverse auction to select revenue energy developers for 1,500-MW projects
New Delhi, Nov 9 (PTI) State-owned SJVN Ltd on Thursday announced concluding an e-reverse auction process for selecting renewable energy developers for its 1,500-MW power projects. This is the first ever such auction process conducted by SJVN, the company said in a statement. “SJVN successfully concludes the E-Reverse Auction for 1500 MW power projects with […] Key Points
ThePrint
AUM to hit Rs 5 lakh crore in FY-23: Vivek Kumar Dewangan, REC
We are in discussion with other financial institutions because the asset size is going to be quite large, more than Rs 30,000-40,000 crore, then we need to collaborate with other financial institutions. As you are aware that our loan book has grown in last financial year to the extent of 13%, but in the current financial year in Q1 there was growth of about 20%. Key Points
Economic TimesHow India became a frontrunner in the global renewable energy market
India has surpassed its renewable energy target of 175GW by 2022 and is expected to reach 174GW by 2023, according to a report by the International Energy Agency. The country's renewable energy capacity is projected to grow to 280 GW by 2025, accounting for 37% of the total energy supply. With favourable policies, technological advancements and foreign investment, India has made strides in the renewable energy sector, notably in solar and wind energy. The country's renewable energy success has also positively impacted greenhouse gas emissions and air quality. Key Points
Economic TimesGovt renewable power co IREDA achieves all-time high profit
New Delhi [India], April 20 (ANI): Indian renewable Energy Development Agency Ltd. (IREDA) achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crore in its audited financial results for the fiscal year 2023-24, the company informed in an exchange filing on Friday. The loan disbursement amount of IREDA also increased to all […] Key Points
ThePrintAdani Group to invest USD 75 bn to scale up AGEL's RE portfolio to 45 GW: Gautam Adani
New Delhi, Dec 6 (PTI) Adani Group has plans to invest USD 75 billion on energy transition initiatives by 2030, its chairman Gautam Adani said on Wednesday. The investments will boost the group’s vision to have 45 gigawatt of renewable energy capacity by 2030, Adani said in a statement. “We are committed to largescale renewables, […] Key Points
ThePrintIREDA trumps Street expectations with a robust debut. Is it a good long-term bet?
Despite solid listing gains, analysts are quite bullish on the stock from a long-term perspective. With India's ambitious renewable energy goals, they believe IREDA is well positioned to benefit from the opportunities in this space. Key Points
Economic Times
Small renewable energy projects get renewed push
The Indian government has modified the trajectory for renewable energy purchase obligations, giving a boost to small renewable energy projects installed by consumers. A new segment called distributed renewable energy has been introduced, allowing renewable energy projects with a capacity of less than 10 MW to qualify for renewable purchase obligations. Key Points
Economic TimesAimco, others eye stake in Aditya Birla Renewables
Canadian investment firm Alberta Investment Management Corporation (Aimco) is among the interested investors looking to acquire a significant minority stake in Aditya Birla Group's renewable energy business. The conglomerate aims to sell up to 49% stake in Aditya Birla Renewables Ltd (ABREL) to raise around $400 million for renewable capacity expansion. ABREL currently has an operational portfolio of 1 GW and plans to reach 2 GW by 2024. The company's projects are located across several Indian states and have captive power procurers like Grasim, UltraTech Cement, Hindalco Industries, and Century Enka. Key Points
Economic TimesPower Finance Corp to boost loans to renewable projects
To achieve the target, the company's disbursements towards renewable energy projects could go up to Rs 3 lakh crore in the next seven years, he said.The state-owned company expects to play a significant role in funding green projects in the future and position itself as the focal agency for energy transition. Key Points
Economic TimesNLCIL signs MoU with TNC India for repurposing mined-out lands
NLCIL has entered a MoU with Nature Conservancy India Solutions Private Ltd. (TNC India) to repurpose mined-out lands for establishment of renewable energy projects. Key Points
The HinduMasdar, Gentari, others eye majority stake in Ayana renewable Power
The majority stake sale will value Ayana's equity at $1 billion, with an enterprise value - inclusive of debt in the capital structure - around $2.5-3 billion, sources told ET. Non-binding bids will likely be in by mid-April, said these officials. Key Points
Economic Times
IREDA IPO opens today. Should you subscribe to this prospective Navratna company?
IREDAs Rs 2,150 crore worth IPO opens for subscription on Tuesday and closes on Thursday. The IPO consists of a fresh issue of shares worth Rs 1,290 crore and an offer for sale of Rs 860 crore by the government. The company has fixed the price band for the IPO at Rs 30-32 a share. Key Points
Economic TimesUS lawmaker to re-introduce bipartisan bill to get EV industry into biofuel program
A U.S. Democratic lawmaker plans to reintroduce a bipartisan bill next month that would allow electricity generated from renewable biomass to qualify for credits under the nation's biofuel blending program. Key Points
ReutersIREDA achieves highest-ever annual loan sanctions and disbursements in financial year 2023-24
According to the company, its total loan sanctions reached Rs. 37,354 crores, while the loan disbursements totaled Rs. 25,089 crores. Key Points
ThePrintIndia's energy shift: Major growth in renewables sets stage for a green 2024
Marking a significant milestone in India's green energy chronicle was the launch of the National Green Hydrogen Mission. The government's resolve in augmenting renewable energy was further underscored by its plan to infuse 50 GW of renewable energy capacity annually till FY28. Key Points
Economic TimesIndia's Adani Green to raise $1.12 billion to expand renewable capacity
BENGALURU (Reuters) - India's Adani Green Energy on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity. The Key Points
ThePrint
India needs high economic growth to invest in energy transition: CEA
Chief Economic Advisor (CEA) V Anantha Nageswaran emphasized the critical need for India to achieve high economic growth to effectively invest in its ongoing energy transition. Speaking at an event, Nageswaran highlighted that the transition from coal to renewable energy requires both financial resources and time. Key Points
Economic TimesCoal CPSEs to scale up renewable energy capacity to 7231 MW by 2027
Coal PSUs have planned to scale up their total installed renewable energy capacity to 7,231 megawatt (MW) by 2027, an official statement said on Thursday. About 1,600 MW of renewable capacity has already been created till March 2023, by the PSUs Coal India Ltd (CIL), NLC India Ltd (NLCIL), and Singareni Collieries Company Limited (SCCL). Key Points
Economic TimesGovernment may file draft papers for IREDA public offering by September: DIPAM Secretary
The government is planning to file draft papers for an initial public offering of state-owned Indian renewable Energy Development Agency (IREDA) by September, a top official said. We have appointed the merchant bankers and they will proceed with valuation. We should be able to file the DRHP in 3-4 months, could be by September, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI. Key Points
Economic TimesAdani Green Energy shares hit 5% upper circuit after Q4 profit surges four-fold
Adani Green Energy's shares increased by 5% after it reported more than a four-fold rise in consolidated net profit in Q4 of FY22 compared to the previous year. The company's revenues also increased by 58% YoY to 14,880 mn units in FY23, supported by strong capacity addition and deployment of latest renewable technologies. In contrast, on a year-to-date basis, the stock has fallen by 47%, while in the past year it has declined by 65%. The average target price of the stock is Rs 360, indicating 64% downside from current market prices. Key Points
Economic TimesMann Ki Baat highlights: PM Modi hails India's success in renewable energy field
PM Modi addressed the 99th edition of ‘Mann Ki Baat’ radio program today. Check out key highlights of the show. Key Points
mint
COP28: 117 countries agree to triple renewable energy, to push out fossil fuels
The pledge was among a slew of COP28 announcements on Saturday aimed at decarbonizing the energy sector - source of around three-quarters of global greenhouse gas emissions - that included expanding nuclear power, cutting methane emissions, and choking off private finance for coal power. Led by the European Union, United States and UAE, the pledge also said tripling renewable energy would help remove CO2-emitting fossil fuels from the world's energy system by 2050 at the latest. Key Points
Economic TimesGovt allows NTPC to invest beyond prescribed limit in NGEL
The CCEA also exempted NGELs investment in NTPC renewable Energy Limited (NREL) and its other JVs/subsidiaries subject to a ceiling of 15% of its net worth beyond the monetary ceiling of Rs 5,000 crore to Rs. 7,500 crore, towards achieving a target of 60 GW renewable Energy (RE) Capacity by NTPC Limited. Key Points
Economic TimesAdani Green completes JV with TotalEnergies, raises USD 300 million
Ahmedabad (Gujarat) [India], December 27 (ANI): Adani Green Energy Limited (AGEL) on Wednesday announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50 per cent stake in the projects. This follows the binding agreement about the JV […] Key Points
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